Alkeon Capital Management LLC Has $440.05 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alkeon Capital Management LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% during the third quarter, Holdings Channel reports. The firm owned 1,623,604 shares of the software maker’s stock after selling 876 shares during the period. Cadence Design Systems comprises 0.8% of Alkeon Capital Management LLC’s holdings, making the stock its 17th biggest holding. Alkeon Capital Management LLC’s holdings in Cadence Design Systems were worth $440,045,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. boosted its holdings in Cadence Design Systems by 14.4% during the third quarter. Hantz Financial Services Inc. now owns 6,294 shares of the software maker’s stock valued at $1,706,000 after purchasing an additional 790 shares in the last quarter. Lattice Capital Management LLC acquired a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $325,000. Financial Counselors Inc. boosted its holdings in shares of Cadence Design Systems by 354.1% in the 3rd quarter. Financial Counselors Inc. now owns 5,504 shares of the software maker’s stock worth $1,492,000 after acquiring an additional 4,292 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Cadence Design Systems by 16.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock worth $3,279,000 after acquiring an additional 1,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after acquiring an additional 37,452 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $304.68 on Friday. The firm has a fifty day moving average of $281.26 and a two-hundred day moving average of $284.26. The stock has a market capitalization of $83.56 billion, a price-to-earnings ratio of 79.97, a PEG ratio of 4.24 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 EPS. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock worth $1,558,535 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.